Shortsale checklist given to sellers
What is sales contract?
Sales contract is a contract under which the seller will transfer a property to the buyer for a certain price.
Main points in the sales contract
- It is essential that there are at least two parties hat are involved in the contract
- The contract is about transfer of goods
- The price can only be paid in money and not in any other form
- The property which is the goods must be transferred from the seller to the buyer
- There must be conditioned mentioned in the contract that dictate the terms of transfer
The goods that can be transferred through this sales contract are either goods that are in sellers name at present or some goods that will be in the possession of the seller in the future or any contingent goods. The specific goods and generic goods are the type of existing goods that can be a part of this contract.
The sales contract can be made in written or just by pledging orally. The contract after being signed makes the buyer the owner of he property and thereafter all the risks related to the property are transferred to the buyer. It is not only the risks but the ownership of the property too gets transferred at the time of sale or sometimes later. The resale rights of the property also gets transferred to the buyer.
The buyer, if defaults, is liable to a law suit against him or her by the buyer
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